Pfizer Urges 3rd Circ. To Uphold Alzheimer Drug Ruling

Law360, New York (September 13, 2013, 6:39 PM EDT) -- Pfizer Inc. on Friday urged the Third Circuit not to revive a class action alleging it misled shareholders about the potential of an Alzheimer’s drug that ultimately failed, arguing the suit failed to show any misrepresentations and that fluctuating stock prices don't alone constitute fraud.

A New Jersey federal judge tossed the class action in April with good reason: Pfizer hadn't issued any false statements about Wyeth Inc.'s bapineuzumab, and a drop or rise in stock price is not enough to bring allegations of misrepresentation, the...
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